SHA:600452 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	431.73	393.27	514.46	525.35	612.65	505.86
Depreciation & Amortization	690.21	690.21	805.58	1,011	1,062	1,027
Other Amortization	1.65	1.65	0.27	0.35	0.83	1.91
Loss (Gain) on Sale of Assets	0.01	0.01	-0.39	-	-0.03	-
Loss (Gain) on Sale of Investments	-4.6	-4.6	-4.55	-3.38	-10.67	-27.78
Asset Writedown	-2.16	-2.16	-3.15	0.56	3.58	-1.05
Change in Accounts Receivable	-92.83	-92.83	371.57	-22.6	-325.09	-198.76
Change in Inventory	0	0	-0.24	-0.01	0.01	-0.79
Change in Accounts Payable	-94.27	-94.27	-44.87	-390.18	264.17	27.51
Other Operating Activities	100.87	0.95	0.85	4.93	10.98	45.52
Operating Cash Flow	1,067	929.04	1,590	1,129	1,633	1,403
Operating Cash Flow Growth	-23.76%	-41.57%	40.83%	-30.87%	16.38%	24.96%
Capital Expenditures	-516.49	-587.66	-875.22	-603.54	-473.79	-1,754
Sale of Property, Plant & Equipment	1.93	7.76	5.35	3.19	4.15	3.03
Investment in Securities	-695.52	-695.52	-1,695	-	22.13	10.5
Other Investing Activities	-1.62	-	-	-	-	-
Investing Cash Flow	-1,212	-1,275	-2,565	-600.34	-447.52	-1,741
Short-Term Debt Issued	-	-	-	-	380	1,093
Total Debt Issued	-	-	-	-	380	1,093
Short-Term Debt Repaid	-	-	-	-	-380	-1,896
Long-Term Debt Repaid	-	-13.33	-13.92	-296.94	-23.03	-5.17
Total Debt Repaid	-13.33	-13.33	-13.92	-296.94	-403.03	-1,901
Net Debt Issued (Repaid)	-13.33	-13.33	-13.92	-296.94	-23.03	-807.67
Issuance of Common Stock	-	-	-	-	-	1,770
Common Dividends Paid	-138.29	-138.29	-235.97	-169.32	-131.55	-96.59
Other Financing Activities	-0.4	-	-	-1.06	-1.48	-45.52
Financing Cash Flow	-152.02	-151.62	-249.89	-467.33	-156.05	820.04
Net Cash Flow	-296.3	-498	-1,225	61.32	1,030	482.46
Free Cash Flow	550.92	341.38	714.78	525.45	1,159	-351.1
Free Cash Flow Growth	19.24%	-52.24%	36.03%	-54.67%	-	-
Free Cash Flow Margin	18.78%	11.39%	22.93%	15.26%	32.55%	-11.16%
Free Cash Flow Per Share	0.36	0.23	0.46	0.34	0.76	-0.23
Cash Interest Paid	-	-	-	-	-	45.52
Cash Income Tax Paid	156.89	174.38	133.1	178.99	114.89	-15.67
Levered Free Cash Flow	129.69	-106.37	112.82	316.9	916.08	-1,729
Unlevered Free Cash Flow	130.29	-105.78	113.33	319.98	922.95	-1,701
Change in Working Capital	-193.29	-193.29	328.55	-424.16	-74.05	-183.15

Source: S&P Global Market Intelligence. Utility template. Financial Sources.